CBOT Closing Comments
Corn
March corn closed up 7 cents at $3.84 1/2 per bushel as yet again uncertainty over the extent of crop damage in Argentina pulled the market this way & that. There is pretty widespread talk of rain finally entering the main crop growing regions of Argentina, however various reports seem to suggest that it could be a case of too little too late. Certainly video footage published here earlier would seem to confirm that.
Soybeans
CBOT March soybeans finished 6 1/2 cents higher at $9.82 1/2, essentially all of the above comments apply. Having traded both sides of unchanged the market eventually closed modestly higher. Although there are some decent rains in the forecast for South America, there is also a fairly widespread conviction that the damage has already been done.
Wheat
A volatile session for wheat too saw the market trade in both positive and negative territory before eventually March wheat finished up 10 1/2 cents at $5.95 1/4 per bushel. Ideas are that the US will pick up some export interest from Brazil due to sharply lower output from Argentina this season. Other buying support may also come from the likes of Iraq in the next month or so.
March corn closed up 7 cents at $3.84 1/2 per bushel as yet again uncertainty over the extent of crop damage in Argentina pulled the market this way & that. There is pretty widespread talk of rain finally entering the main crop growing regions of Argentina, however various reports seem to suggest that it could be a case of too little too late. Certainly video footage published here earlier would seem to confirm that.
Soybeans
CBOT March soybeans finished 6 1/2 cents higher at $9.82 1/2, essentially all of the above comments apply. Having traded both sides of unchanged the market eventually closed modestly higher. Although there are some decent rains in the forecast for South America, there is also a fairly widespread conviction that the damage has already been done.
Wheat
A volatile session for wheat too saw the market trade in both positive and negative territory before eventually March wheat finished up 10 1/2 cents at $5.95 1/4 per bushel. Ideas are that the US will pick up some export interest from Brazil due to sharply lower output from Argentina this season. Other buying support may also come from the likes of Iraq in the next month or so.
